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JPMorgan talks said to see possible $11 billion settlement

By Christie Smythe and Dawn KopeckiBloomberg News

Posted:
09/26/2013 12:01:00 AM MDT

Updated:
09/26/2013 12:49:21 AM MDT

NEW YORK — JPMorgan Chase's negotiations with federal and state authorities to resolve a series of investigations tied to mortgage bonds is focusing on a potential $11 billion figure, including $4 billion for consumer relief, a person familiar with the talks said.

The amount isn't final, said the person, who asked not to be identified because the negotiations aren't public. Those involved in the talks include the Justice Department, the Department of Housing and Urban Development, and New York Attorney General Eric Schneiderman, who is co-chairman of a federal and state working group on residential mortgage-backed securities.

An agreement could be reached as soon as Thursday, although the talks are still fluid and the size of the settlement keeps changing, according to another person familiar with the matter.

JPMorgan is seeking to negotiate a resolution to mortgage-bond investigations being conducted by federal and state authorities, including probes by U.S. attorneys in Sacramento, Philadelphia and Washington, according to another person briefed on the effort.

The bank has also tried to settle a $6 billion claim by the Federal Housing Finance Agency, according to the person, who also asked not to be identified because the talks are private.

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